With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

China announced on Friday that it will impose export controls on certain graphite materials and related products, effective from December 1.

The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).

It found that mild weather over Australia's winter led to lower demand for electricity over the period.

China's steel industry maintained steady operations in the first three quarters of 2023, marked by an increasing output and improved structure, the China Iron and Steel Association (CISA) said on Tuesday.

The country produced 3.44 billion tonnes of raw coal during the period, according to the National Bureau of Statistics.

Coal is a main export commodity of Mongolia, which is rich in natural resources.

Japan’s JFE Steel Corp is in talks to buy a stake in the metallurgical coal business of Canada’s Teck Resources, two people aware of the development said, adding to the list of suitors that also includes miner Glencore.